United States Board of Tax Appeals October 29, 1927, Docket No. 10450. (Wallace Plumbing Co. v. Commissioner)

lead-opinion

Murdock :

This is a proceeding for the redetermination of a deficiency of $2,924.42 in income and profits taxes for the calendar year 1921. The only allegation of error is that “the taxable income has been overstated for the reason that the same has been erroneously computed on an accrual basis, whereas the books of the corporation are maintained on a cash receipts and disbursements